#1Matson Third Quarter 2023 Earnings Conference Call October 30, 2023#22 Forward-Looking Statements Statements made during this presentation that set forth expectations, predictions, projections or are about future events are based on facts and situations that are known to us as of October 30, 2023. We believe that our expectations and assumptions are reasonable. Actual results may differ materially, due to risks and uncertainties, such as those described on pages 14-24 of our Form 10-K filed on February 24, 2023 and other subsequent filings by Matson with the SEC. Statements made during this presentation are not guarantees of future performance. We do not undertake any obligation to update our forward-looking statements. Third Quarter 2023 Earnings Conference Call#33 Opening Remarks • Matson's Ocean Transportation and Logistics business segments continued to perform well despite a challenging business environment and relatively difficult economic conditions impacting the U.S. consumer • Ocean Transportation 3Q23: Our China service experienced solid freight demand despite the muted peak season in the Transpacific tradelane but generated lower YoY volume and freight rates, which were the primary contributors to the YoY decline in our consolidated operating income - Lower YoY volumes in Hawaii, Alaska and Guam compared to year ago period Logistics 3Q23: - Lower YoY operating income primarily due to a lower contribution from transportation brokerage Third Quarter 2023 Earnings Conference Call Matson.#44 Hawaii Service Third Quarter 2023 Performance Container volume decreased 1.9% YoY due to lower general demand - 3Q23 volume 0.8% higher than volume achieved in 3Q19 Third Quarter 2023 Earnings Conference Call 41,000 39,000 37,000 35,000 33,000 31,000 29,000 27,000 25,000 Container Volume (FEU Basis) Q1 Q2 2022 2023 (1.9)% Q3 Q4 Matson.#55 Hawaii Service - Current Business Trends Unemployment Rate Select Hawaii Economic Indicators 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Unemployment Rate and Visitor Arrivals by Air W или Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Hawaii Hawaii Visitor Arrivals by Air (1) Maui Visitor Arrivals by Air (2) 1,000 900 800 700 600 500 400 300 200 100 0 Unemployment Rate (not seasonally adjusted) (1) Visitor Arrivals ('000s) (1) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2023-08-state.xls (2) Source: https://files.hawaii.gov/d bedt/economic/data_reports/mei/2023-08-maui.xls (3) Source: Third Quarter 2023 Earnings Conference Call https://uhero.hawaii.edu/wp-content/uploads/2023/09/23Q3_Forecast.pdf Real GDP Construction Jobs Growth Population Growth UHERO Projections (3) Unemployment Rate Visitor Arrivals ('000s) % change ● 2021 6.3% 0.9% (0.3)% 6.0% 6,777.8 150.3% 2022 1.3% 0.1% (0.5)% 3.5% 9,234.0 36.2% 2023P 3.4% 2.2% (0.1)% 3.7% 9,407.0 1.9% Commentary • In August, Maui experienced a significant economic disruption from wildfires 2024P 1.5% 7.4% (0.1)% 3.9% 9,326.5 (0.9)% - Tourism to the island may not fully recover in the next several years - Rebuilding of homes and businesses may take many years In the near-term, expect economic growth in Hawaii to moderate as tourism and visitor arrivals slowly rebound from the effects of the Maui wildfires Matson.#66 China Service ● Third Quarter 2023 Performance Container volume decreased 1.3% YoY - No CCX service in 3Q23; service was discontinued in year ago period - Higher CLX+ volume Lower average freight rates YoY, but higher than in 3Q19 Third Quarter 2023 Earnings Conference Call 53,000 48,000 43,000 38,000 33,000 28,000 23,000 18,000 13,000 8,000 Container Volume (FEU Basis) Q1 Q2 2022 2023 Note: CCX service started in 3Q21 and ended in 3Q22. (1.3)% Q3 Q4 Matson.#77 China Service - Current Business Trends ● Currently in the Transpacific marketplace, we continue to see a reduction of deployed capacity in light of lower volumes as a result of lower consumer demand for retail goods • Absent an economic "hard landing" in the U.S., we expect trade dynamics in 2024 to be comparable to 2023 as consumer-related spending activity is expected to remain stable Regardless of the economic backdrop, we expect to continue to earn a significant rate premium to the Shanghai Containerized Freight Index (SCFI) reflecting our fast and reliable ocean services and unmatched destination. services Third Quarter 2023 Earnings Conference Call Matson.#88 Guam Service Third Quarter 2023 Performance • Container volume decreased 1.9% YoY primarily due to lower general demand. ● • 3Q23 volume 12.8% higher than volume achieved in 3Q19 ● Current Business Trends In near-term, expect continued improvement in the Guam economy - Low unemployment rate - Modest increase in tourism from low levels Third Quarter 2023 Earnings Conference Call 6,000 5,500 5,000 4,500 4,000 3,500 3,000 Container Volume (FEU Basis) Q1 Q2 12022 2023 (1.9)% Q3 Q4 Matson.#99 Alaska Service ● ● ● Third Quarter 2023 Performance Container volume decreased 9.1% YoY Lower export seafood volume from AAX - Lower northbound volume due to lower retail-related demand - Lower southbound volume due to lower domestic seafood volume 3Q23 volume 12.9% higher than volume achieved in 3Q19 Current Business Trends In the near-term, expect Alaska economy to continue to benefit from: - Low unemployment - Increased energy-related exploration and production Third Quarter 2023 Earnings Conference Call 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 Container Volume (FEU Basis) Q1 Q2 2022 2023 Q3 (9.1)% Q4 Matson.#1010 SSAT Joint Venture ● Third Quarter 2023 Performance Terminal joint venture contribution was $1.3 million; YoY decrease of $22.1 million - Primarily due to lower demurrage revenue and lower lift volume Current Business Trends • Expect 4Q23 lift volume to reflect a relatively challenging environment in Transpacific tradelane Third Quarter 2023 Earnings Conference Call $ in millions Equity in Income of Joint Venture $40.0 $35.0 $30.0 $ 25.0 $20.0 $15.0 $10.0 $5.0 $ 0.0 ($ 5.0) Q1 Q2 12022 2023 Q3 Q4 Matson.#1111 Matson Logistics ● ● ● ● Third Quarter 2023 Performance Operating income of $13.9 million; YoY decrease of approximately $6.2 million - Lower contribution from transportation brokerage Current Business Trends Expect continued growth in Alaska to be supportive of freight forwarding demand. Expect supply chain management to track the China service Expect continued near-term challenges for transportation brokerage with lower freight demand and excess capacity Third Quarter 2023 Earnings Conference Call $ in millions $25.0 $20.0 $ 15.0 $10.0 $5.0 $0.0 Operating Income Q1 Q2 12022 2023 Q3 Q4 Matson.#1212 Financial Results - Summary Income Statement ($ in millions, except per share data) Revenue Ocean Transportation Logistics Total Revenue Operating Income Ocean Transportation Logistics Total Operating Income Interest income Interest expense Other income (expense), net Income taxes Net Income GAAP EPS, diluted Depreciation and Amortization (incl. dry-dock amortization) EBITDA Year-to-Date Third Quarter 2023 Earnings Conference Call YTD Ended 9/30 2023 2022 $ 1,837.3 468.4 $ 2,305.7 $ 228.4 39.1 $ 267.5 26.2 (9.8) 4.8 (54.0) $ 234.7 $ 6.56 $ 125.0 $397.3 See the Appendix for a reconciliation of GAAP to non-GAAP Financial Metrics. $ 2,911.6 629.8 $3,541.4 $1,201.4 59.6 $ 1,261.0 1.3 (14.3) 6.3 (268.4) $985.9 $24.65 $122.5 $ 1,389.8 A $ ($ 1,074.3) (161.4) ($ 1,235.7) ($ 973.0) (20.5) ($ 993.5) ($ 751.2) ($ 18.09) $2.5 ($ 992.5) Third Quarter Quarters Ended 9/30 2023 2022 $ 669.4 158.1 $827.5 $118.2 13.9 $ 132.1 9.3 (2.4) 1.2 (20.3) $ 119.9 $ 3.40 $41.8 $175.1 $ 918.5 196.3 $1,114.8 $ 315.2 20.1 $ 335.3 1.3 (5.0) 2.5 (68.1) $ 266.0 $6.89 $39.6 $ 377.4 A $ ($ 249.1) (38.2) ($ 287.3) ($ 197.0) (6.2) ($ 203.2) ($ 146.1) ($ 3.49) $2.2 ($ 202.3) Matson.#1313 Cash Generation and Uses of Cash $ in millions $ 700.0 $ 600.0 $ 500.0 $ 400.0 $ 300.0 $ 200.0 $ 100.0 $0.0 ($ 100.0) ($ 200.0) Last Twelve Months Ended September 30, 2023 $ 568.5 Cash Flow from Operations ($ 81.5) ($ 168.9) ($ 102.6) Paydown of Maintenance & New Vessel Borrowings, Other Capex (1) net Capex ($ 24.1) Capital Construction Fund (2) ($ 44.9) Dividends ($ 208.3) Share Repurchase (3) ($ 24.5) Other Cash Flows (1) Includes capitalized interest and owner's items. (2) Includes cash deposits into Capital Construction Fund (CCF) and interest income on cash deposits in CCF, net of withdrawals for milestone payments. (3) Includes taxes. Third Quarter 2023 Earnings Conference Call ($ 86.3) Net Change in Cash Matson.#1414 Financial Results - Summary Balance Sheet ($ in millions) ASSETS Cash and cash equivalents Other current assets Total current assets Investment in SSAT Property and equipment, net Intangible assets, net Capital Construction Fund (CCF) Goodwill Other long-term assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current portion of debt Other current liabilities Total current liabilities Long-term debt, net of deferred loan fees Other long-term liabilities Total long-term liabilities Total shareholders' equity Total liabilities and shareholders' equity September 30, December 31, 2023 2022 Third Quarter 2023 Earnings Conference Call $ 156.5 479.3 635.8 81.4 2,058.5 180.8 591.6 327.8 416.9 $ 4,292.8 $39.7 530.9 570.6 398.7 933.2 1,331.9 2,390.3 $ 4,292.8 $249.8 509.8 759.6 81.2 1,962.5 174.9 518.2 327.8 505.8 $ 4,330.0 (1) Total Debt is presented before any reduction for deferred loan fees as required by GAAP. $76.9 504.7 581.6 427.7 1,023.8 1,451.5 2,296.9 $ 4,330.0 ● Share Repurchase 3Q23:~0.3 million shares repurchased for total cost of $25.8 million YTD: ~1.6 million shares repurchase for a total cost of $110.3 million Debt Levels Total Debt of $450.3 million (1) - a reduction of $12.1 million from 2Q23 Matson.#1515 Other Financial Updates • CCF cash balance on 9/30/23 of $591.6 million - Nearly two-thirds of remaining milestone payments to be funded with restricted cash in CCF (1) ● - Expect to make next milestone payment for new vessels in 2Q24 Expect 4Q23 tax rate to be ~23% (1) Based on remaining milestone payments on October 30, 2023 of ~$899 million. Excludes any interest income on cash deposits that may be earned in future years. Third Quarter 2023 Earnings Conference Call Matson.#1616 Closing Thoughts ● • We expect the consolidated operating income in 4Q23 to be higher than the level achieved in 1Q23 - Normal seasonality trends have returned to our domestic tradelanes and Logistics - Expect continued solid freight demand in our China service with some seasonality in the post-holiday timeframe - Expect CLX and CLX+ freight rates in 4Q23 to be well above pre- pandemic rates Continue to evaluate return of annual financial outlook with the release of 4Q23 earnings in February Third Quarter 2023 Earnings Conference Call Matson.#17atson CASTON 16 Mason MATU latson 5142 641 4581 CAUTION W Matso MA Matson Appendix#1818 Appendix -Non-GAAP Measures Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization ("EBITDA"). (In millions) Net Income Subtract: Add: Add: Add: Add: EBITDA (1) (In millions) Net Income Subtract: Add: Add: Add: Add: EBITDA (1) Interest income Interest expense Income taxes Depreciation and amortization Dry-dock amortization Interest income Interest expense Income taxes MATSON, INC. AND SUBSIDIARIES Net Income to EBITDA Reconciliations (Unaudited) Depreciation and amortization Dry-dock amortization Third Quarter 2023 Earnings Conference Call $ $ $ $ Three Months Ended September 30, 2022 2023 119.9 (9.3) 2.4 20.3 35.6 6.2 175.1 Change $ 266.0 $ (146.1) $ (1.3) (8.0) 5.0 (2.6) 68.1 (47.8) 33.9 1.7 5.7 0.5 (202.3) $ $ 377.4 $ Nine Months Ended September 30, 2022 2023 Change 234.7 $ 985.9 $ (751.2) (26.2) (1.3) (24.9) 9.8 14.3 (4.5) 54.0 268.4 (214.4) 2.5 103.9 106.4 18.6 18.6 397.3 $ 1,389.8 Last Twelve Months 312.7 (33.1) 13.5 74.0 141.7 24.9 533.7 $ (992.5) (1) EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry- docking amortization). EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance. Matson.